Fundamental Research Corp. Initiates Coverage of Bayhorse Silver
Fundamental Research Corp. Initiates Coverage of
Bayhorse Silver
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2018) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or
"Bayhorse") is pleased to report that Fundamental Research Corp., (Fundamental) has initiated coverage of Bayhorse Silver Inc.
Their
report can be viewed at Fundamental Research
www.researchfrc.com
and third party websites.
Bayhorse has a 100% Leasehold Interest in the recently opened Bayhorse Silver Mine,
where mining and processing officially
commenced in January 2018.
During the past three months the Company has continued underground development both
in the historic Big Dog Zone, that was
last mined in 1984, and in
the newly accessed
Legend Zone.
In March, after two months running mineralized material through the Ore-Sorter, and based upon the data developed, the
Company and Steinert modified the Ore-Sorting algorithms. The new sorting algorithm has been implemented to ensure the
Ore-Sorter captures as much mineralized material as possible between 8mm and 25mm, while still rejecting the maximum
amount of waste. The new algorithms are now upgrading the mineralization through the Ore Sorter between 5 and 7 times,
in line
with the Company's expectations.
The Company is producing two grades of mineralization from mining and initial processing. One is the targeted direct shipping
grade over 100 oz/t Ag and
the other a
milling grade under 100 oz/t Ag. The milling grade is undergoing secondary upgrading at
the mine to direct shipping grade. Ore-Sorted inventory is being held at the Mine.
Due to the fine grained nature of the mineralization,
blasting during the mining process creates a substantial amount of
mineralized fines
that fall below the 8mm lower processing size limit of the Ore Sorter. These fines, constituting 15% of the
amount mined, have been stockpiled during the past three months ready for upgrading.
While the mining process has been relatively trouble free, the Company has been identifying and correcting mainly weather
related processing bottlenecks.
To process the fines for recovery of metal values, the Company
recently installed a Ball-Mill,
expected to be fully operational by
the end of April. Additionally, the mud and clay content of
the mineralization
clogged
the screens, requiring installation of a
washing circuit to clean the mined material for more effective
processing. The washing circuit, that will also presort the
mineralized material to +/- 8mm, is expected to be complete my mid May to effectively capture all the fines.
With the identification of Scandium values at the Bayhorse Mine, the Company immediately did testing to determine if the
Scandium and other minerals could be recovered separately.
Mineralized material was submitted to
Metals US
, of Missoula, Montana, for leach testing to establish whether the minor
minerals (copper, zinc, antimony, lead and scandium) can be recovered more economically than via flotation by using their
Total
Metals Recovery Process
.
Initial results are that recoveries with the Metals US process are comparable to flotation recoveries, at substantially less
processing costs. Additionally,
the tests have shown the Metals US column process can effectively separate the individual
minerals. Recovery tests to date also indicate good recoverability of the Scandium, that is currently priced at $6,600 kg.
Final detailed test results from Metals US will be announced when received.
Bayhorse CEO Graeme O'Neill comments: "As a "Start Up"
Mining Company we must make every effort to maximize our
projected revenue stream. We will take
advantage of both newly available, and proven technologies to
make
processing more
cost effective and reliable to generate revenues not only from Conflict Free silver but also the ancillary metals."
He also comments that, "Over the past months, newsletter writers such as
Adam Hamilton
,
Gronwegen
, and
Hoye
, among
others, have expressed their opinion that the silver/gold ratio of over 80 oz/t Ag to 1oz/t Au is too high and will soon correct. We
believe that with the recent increase to over $17.20 an ounce, the correction
has now started and the ratio should revert to a
more normal range of 55-65
to 1.
If maintained, increased silver prices should be good for the future of the Company."
The Company has settled $3,354.85 of debt, being interest incurred on the conversion of US$40,000.00 of the Company's
convertible debentures through the issuance of 15,975 common shares of the Company at a price of 21 cents per share, being
the closing price of the Company's stock on the settlement date of April 18, 2018. The issuance of the debt settlement shares is
subject to TSX Venture Exchange approval.
Fundamental Research has been paid a $20,000 fee to issue the report and it will be carried on Fundamental's website for 12
months from date of issue.
This press release has been prepared by, prepared under the supervision of, or has been approved by Dr. Stewart Jackson,
PGeo., a Qualified Person under National Instrument 43-101.
The Company advises it is not basing any decision to produce on a feasibility study of mineral reserves demonstrating
economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of
failure associated with any production decision
.
****************************************************************************************
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility
for its contents.
On Behalf of the Board.
Graeme O'Neill, CEO
604-684-3394
Bayhorse Silver Inc., a junior exploration company, has earned a 100% interest in the historic Bayhorse Silver Mine, Oregon,
USA.
The Company has an experienced management and technical team with extensive exploration and mining expertise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.